Truck tractor prices up 30% year over year at Ritchie Bros.

Rhea-AI Summary

Ritchie Bros. reports a robust seller's market in its July 2021 Market Trends report, revealing truck tractor prices in the U.S. have surged by 30% year-over-year. In Canada, medium earthmoving and vocational truck prices increased by 25%. The report highlights strong demand for tandem-axle truck tractors, particularly 6-year-old models in the U.S. and 4-year-old models in Canada. The median price for popular Freightliner Cascadia models rose more than 45% in the first half of 2021 compared to 2020.

Positive

• Truck tractor prices in the U.S. increased by 30% year-over-year.
• Strong demand noted for tandem-axle truck tractors, especially 6-year-old models in the U.S.
• Median price for Freightliner Cascadia models surged over 45% compared to 2020.
• Overall pricing strength observed across various asset categories.

Negative

• None.

July Market Trends report showcases a seller's market with strong returns across all price indexes

VANCOUVER, BC, July 13, 2021 /PRNewswire/ - Through the first half of 2021 Ritchie Bros. has driven unprecedented demand through its online auctions and marketplaces and achieved strong prices for its consignors. In fact, truck tractor prices in the United States are up 30% year over, while medium earthmoving and vocational truck prices are each up 25%. 

With the July 2021 Market Trends Report, Ritchie Bros. takes a closer look at tandem-axle truck tractor sales (4 to 7-year old models) in Canada and the United States. In the U.S. the company is seeing a particularly hot market for 6-year-old trucks (2015 models) right now, while four-year-old models (2017 models) appear to be in strongest demand in Canada. One of the most popular make/models in both countries is the Freightliner Cascadia. Even though 2014 – 2017 truck models were a year older and had higher usage, the median price for Cascadias was more than 45% higher in the first half of 2021 vs. 2020.

"Online shopping continues to drive an extremely hot transportation market right now, with record high truck prices," said Doug Olive, Senior Vice President, Ritchie Bros. "But it's not just transportation. We are seeing pricing strength across the board as this seller's market continues." 

The free July report is now available for download at: rbassetsolutions.com/market-trends-report.

Used Commercial Assets - Pricing Highlights Price change (±1.5%) year-over-year for the 3 months ending June 30, 2021
Categories	USA			CANADA
Large Earthmoving	^	Increased ~	8%	^	Increased ~	9%
Medium Earthmoving	^	Increased ~	25%	^	Increased ~	28%
Aerial	^	Increased ~	20%	^	Increased ~	17%
Truck Tractors	^	Increased ~	30%	^	Increased ~	14%
Vocational Trucks	^	Increased ~	25%	^	Increased ~	21%

Ritchie Bros.' Market Trends application is an independent part of Ritchie Bros. Asset Solutions (rbassetsolutions.com), a cloud-based asset management and disposition system with a suite of tools and services to help customers better manage, analyze, and sell their assets. For more information about Market Trends, please email dataproducts@ritchiebros.com.

About Ritchie Bros.:

Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a number of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry, the company's selling channels include: Ritchie Bros. Auctioneers, the world's largest industrial auctioneer offers live auction events with online bidding; IronPlanet, an online marketplace with featured weekly auctions and providing the exclusive IronClad Assurance® equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The Company's suite of solutions also includes Ritchie Bros. Asset Solutions and Rouse Services LLC, which together provides a complete end-to-end asset management, data-driven intelligence and performance benchmarking system. Ritchie Bros. also offers sector-specific solutions including GovPlanet, TruckPlanet, and Kruse Energy, plus equipment financing and leasing through Ritchie Bros. Financial Services. For more information about Ritchie Bros., visit RitchieBros.com.

Photos and video for embedding in media stories are available at rbauction.com/media. 

View original content:https://www.prnewswire.com/news-releases/truck-tractor-prices-up-30-year-over-year-at-ritchie-bros-301332867.html

SOURCE Ritchie Bros.

FAQ

What are the key insights from Ritchie Bros.' July 2021 Market Trends report?

The report highlights a 30% increase in truck tractor prices in the U.S. year-over-year, with significant demand for specific models.

How much did truck tractor prices increase in Canada according to the July report?

In Canada, truck tractor prices increased by 25% year-over-year.

What model saw a significant price increase in the first half of 2021?

The Freightliner Cascadia saw a median price increase of over 45% compared to 2020.

What does the July Market Trends report indicate about the used equipment market?

The report indicates a strong seller's market with notable price increases across various equipment categories.